Kazakhstan Names Amount Of Funding Required To Achieve Carbon Neutrality
Date
12/18/2023 12:31:57 AM
(MENAFN- Trend News Agency) ASTANA, Kazakhstan, December 18. Kazakhstan
needs more than $600 billion in funding to achieve carbon
neutrality by 2060, said Prime Minister Alikhan Smailov at a
meeting of the Council for the Transition to a Green Economy,
Trend reports.
As he noted, increasing the volume of green investments is
necessary for a large-scale transformation of the economy.
In this regard, the PM instructed an analysis of barriers to the
implementation of green projects, to accelerate the implementation
of requirements for mandatory disclosure of information on green
finance issues, and to provide appropriate indicators and
activities in the action plan of the concept for the transition to
a green economy.
Kazakhstan has created the necessary legislative and regulatory
framework for the development of green financing. A new
Environmental Code has been adopted, and changes have been made for
the issuance and circulation of green bonds and ESG bonds. A number
of other measures have been implemented.
As of December 1, the total volume of direct support for green
projects from the Baiterek holding amounted to 177.5 billion tenge
(about $390 million).
In particular, the Development Bank of Kazakhstan supported
seven large investment projects in the field of renewable energy
sources worth 118 billion tenge (about $259 million). Qazaqstan
Investment Corporation JSC supported a number of projects worth
11.1 billion tenge, or about $24.4 million (construction of solar
and hydroelectric power plants). Another subsidiary organization,
the Damu Fund, supported 91 green projects worth 7.4 billion tenge
(about $1.62 million).
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